GOLD MARKET ANALYSIS AND COMMENTARY - [19 August - 23 August]
This week, international gold prices have increased quite strongly. After falling slightly to 2,432 USD/oz, international gold prices soared to over 2,500 USD/oz and closed the week at 2,507 USD/oz.
International gold prices increased sharply this week because the market expected the FED to definitely cut interest rates at its September meeting. In addition, tensions between Israel and Iran have escalated, causing many investors to worry that this tension could lead to a war in the Middle East, increasing the haven demand for gold. In addition, the USD declined as the Atlantic Council's USD Dominance Monitor Report said the USD's share in global reserves reached 58% by 2024, down 14% compared to 2002 as many countries Countries, especially members of the BRICS bloc, seek to stay away from the USD.
The focus for the gold market next week will be the Jackson Hole conference. The FED Chairman will provide assessments and updates on the US economy and the outlook for the FED's monetary policy.
If at the Jackson Hole conference, the FED Chairman continues to affirm that he will cut interest rates in September, it may push gold prices higher next week. However, if the FED Chairman changes his tone again, saying that the FED needs to continue monitoring the economic situation before cutting interest rates, it will cause gold prices to decline next week.
![GOLD MARKET ANALYSIS AND COMMENTARY - [12 August - 16 August]](https://s3.tradingview.com/a/aScWuCuz_mid.png)
📌Technically, on the H4 technical chart, the extended Fibonacci shows that the gold price can reach the Target around 2,590-2,600 USD/oz. Short-term trading plan for next week will be to buy if the price returns around 2470, and sell around 2590.
Notable technical levels are listed below.
Support: 2.470 – 2.484USD
Resistance: 2.4600 – 2.544USD
SELL XAUUSD PRICE 2591 - 2589⚡️
↠↠ Stoploss 2595
BUY XAUUSD PRICE 2469 - 2471⚡️
↠↠ Stoploss 2465
International gold prices increased sharply this week because the market expected the FED to definitely cut interest rates at its September meeting. In addition, tensions between Israel and Iran have escalated, causing many investors to worry that this tension could lead to a war in the Middle East, increasing the haven demand for gold. In addition, the USD declined as the Atlantic Council's USD Dominance Monitor Report said the USD's share in global reserves reached 58% by 2024, down 14% compared to 2002 as many countries Countries, especially members of the BRICS bloc, seek to stay away from the USD.
The focus for the gold market next week will be the Jackson Hole conference. The FED Chairman will provide assessments and updates on the US economy and the outlook for the FED's monetary policy.
If at the Jackson Hole conference, the FED Chairman continues to affirm that he will cut interest rates in September, it may push gold prices higher next week. However, if the FED Chairman changes his tone again, saying that the FED needs to continue monitoring the economic situation before cutting interest rates, it will cause gold prices to decline next week.
📌Technically, on the H4 technical chart, the extended Fibonacci shows that the gold price can reach the Target around 2,590-2,600 USD/oz. Short-term trading plan for next week will be to buy if the price returns around 2470, and sell around 2590.
Notable technical levels are listed below.
Support: 2.470 – 2.484USD
Resistance: 2.4600 – 2.544USD
SELL XAUUSD PRICE 2591 - 2589⚡️
↠↠ Stoploss 2595
BUY XAUUSD PRICE 2469 - 2471⚡️
↠↠ Stoploss 2465
Comment
Comment
Expectations of a big rate cut in September have begun to fade as recent economic downturns have shown that fears of a recession were just empty talk, but with the labor market now in the driver’s seat of monetary policy, the August jobs report has the potential to revive bets on a big rate cut in September.Comment
- This week, market participants will focus on consumer inflation in the Eurozone, followed by S&P Global's US PMI releases, which could provide clear insights clearer to determine the trajectory of the ECB and US economic conditions.Comment
World gold prices stabilized at the beginning of the week thanks to strong safe-haven demand and increasing expectations that the US Federal Reserve (Fed) would pivot its monetary policy.Comment
Traders in the interest rate futures market continue to set the possibility of a 100% rate cut by the Fed in the September test, which pegs a 0.25 percent rate cut at 65% and sets value for 0.5 point cent cent is 35%...Comment
🟥FED MEMBER HARKER: INTEREST RATES MAY REACH THIS LEVEL BY THE END OF THE MONETARY EASING CYCLE!
Philadelphia Fed member Patrick Harker expressed his support for a gradual rate cut starting in September if economic data matches expectations during an interview with CNBC.
Comment
World gold price this morning decreased by more than 27 USD, to the region of 2,486 USD/ounce. Precious metal prices fell sharply due to profit-taking pressure from investors. Domestic gold price stood still compared to yesterday.Comment
Today's gold price on the international market is forecast to continue to increase as investors expect the FED to reduce interest rates and the USD will plummet.
At the end of the last trading week, the world gold price closed at 2,513 USD/ounce, an increase of 6 USD/ounce compared to last week. During the week, precious metals on the international exchange fluctuated very violently, reaching a new historic peak of over 2,530 USD/ounce, then plummeting to 2,470 USD/ounce under pressure from investors to take profits.
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